Retirement plan

MEDICAL ASSOCIATES OF RHODE ISLAND, INC. 401(K) PLAN

Name: MEDICAL ASSOCIATES OF RHODE ISLAND, INC. - MEDICAL ASSOCIATES OF RHODE ISLAND, INC. 401(K) PLAN (2022) Form 5500
Creator: MEDICAL ASSOCIATES OF RHODE ISLAND, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, MEDICAL ASSOCIATES OF RHODE ISLAND, INC. 401(K) PLAN, MEDICAL ASSOCIATES OF RHODE ISLAND, INC.

MEDICAL ASSOCIATES OF RHODE ISLAND, INC.EIN 05-0340866Plan #004PY 2022

1180 HOPE STREET - BRISTOL, RI 02809401-253-8900medassociatesofri.comLinkedIn51-200 employeesmedical practice

Prospect flagsHigh fees

How to read this page

Total assets (EOY)

$18.4M

-15.4% from 2021

Total participants

158

+1.3% from 2021

Average account balance

$121,672

-15.9% from 2021

Annual return

-10.86%

-25.00 pp from 2021

Benchmarks

See 5,354 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants100-249

Cohort5,354 peers

Snapshot2022

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Analytics

Total assets (EOY)

Plan-year ending balance

$23.87M

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$167K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

143

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

85.8%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.11M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$9K

Not enough data

1 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+12.01%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$359

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

1 years with F_SCH_H allocation on file

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Service providers

Top 4 by compensation

Provider	Service type	Compensation
PENSION ASSURANCE LLP1 year Filed as: NE PENSION PLAN SYSTEMS, LLC Service code 13 · EIN 05-0515232	Contract Administrator	$32,844
MATRIX TRUST COMPANY3 years Service code 19 · EIN 75-3182674 717 17TH STREET SUITE 1300 · DENVER, CO 80202	Securities Custodian	$19,565
SERGIO DECURTIS5 years Service code 28 · EIN 05-0515232	Investment Management	$19,565
FIDELITY INVESTMENTS INSTITUTIONAL1 year Filed as: FIDELITY WORKPLACE SERVICES LLC Service code 14 · EIN 04-3532603	Plan Administrator	$1,469

Plan features & details

Pension benefit codes2F2J3D2A2K2T2E2G

Plan features

2A
Age/service weighted or new comparability plan
Age/service weighted plan where allocations are based on age service or age and service; or new comparability or similar plan where allocations are based on participant classifications consisting entirely or predominantly of highly compensated employees or the plan provides an additional allocation rate on compensation above a specified threshold that exceeds the permitted disparity limits of Code section 401(l).
2E
Profit-sharing
Profit-sharing plan.
2F
ERISA section 404(c) plan
This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
2G
Total participant-directed account plan
Participants have the opportunity to direct the investment of all of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
2J
Code section 401(k) feature
Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
2K
Code section 401(m) arrangement
Employee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
2T
Default investment account
Total or partial participant-directed account plan where plan uses a default investment account for participants who fail to direct assets in their account.
3D
Pre-approved pension plan
A master prototype or volume submitter plan that is the subject of a favorable opinion or advisory letter from the IRS.

Opportunity flags

1 tripped

OpportunityHigh fees
Administrative expenses exceed $300 per participant per year - possible fee-review opportunity. (Recordkeeping / audit / legal; excludes investment management.)

Expense breakdown

Schedule H Part II

Admin total

$74K

$707 / participant

Investment mgmt$20K26.4%
Contract admin$17K23.2%
Other / not subdivided$37K50.5%

% of EOY assets

0.404%

all-in expense ratio

Categories reported

2 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

The auditor signed off without reservation. This is the cleanest opinion.

Auditor firm: JARDIM & MAROTTA, LLC
Auditor EIN: 475415574
Audit fees: (not subdivided)
Opinion code: Unqualified

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Metric

This plan

Peer set

Industry

Size

Avg account balance

$121,672

$65,061+87.0%

$143,757-15.4%

$66,914+81.8%

Participation rate

93.3%

65.2%+28.2pp

80.3%+13.0pp

69.8%+23.5pp

Annual return

-10.86%

-11.14%+0.3pp

-0.04%-10.8pp

1.58%-12.4pp

Employer contribution / active EE

$3,339

$2,361+41.4%

$4,951-32.6%

$2,544+31.2%

Participant deferral / active EE

$6,571

$2,919+125.1%

$5,637+16.6%

$4,237+55.1%

Admin fee / account holder

$492

$502-2.1%

$14,673-96.7%

$593-17.2%

Provider

Service type

Compensation

PENSION ASSURANCE LLP1 year

Filed as: NE PENSION PLAN SYSTEMS, LLC

Service code 13 · EIN 05-0515232

Contract Administrator

$32,844

MATRIX TRUST COMPANY3 years

Service code 19 · EIN 75-3182674

717 17TH STREET SUITE 1300 · DENVER, CO 80202

Securities Custodian

$19,565

SERGIO DECURTIS5 years

Service code 28 · EIN 05-0515232

Investment Management

$19,565

FIDELITY INVESTMENTS INSTITUTIONAL1 year

Filed as: FIDELITY WORKPLACE SERVICES LLC

Service code 14 · EIN 04-3532603

Plan Administrator

$1,469

MEDICAL ASSOCIATES OF RHODE ISLAND, INC. 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

MEDICAL ASSOCIATES OF RHODE ISLAND, INC. 401(K) PLAN

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion